PresidentObama’srecenttriptoChinareflectsasymbioticrelationshipattheheartoftheglobaleconomy:ChinausesAmericanspendingpowertoenlargeitsprivatesector,whileAmericausesChineselendingpowertoexpanditspublicsector.Yetthisarrangementmayunravelinadangerousway,andifitdoes,themostlikelyculpritwillbeChineseeconomicovercapacity. SeveralhundredmillionChinesefarmershavemovedfromthecountrysidetothecitiesoverthelast30years,inoneofthelargest,mostrapidmigrationsinhistory.Tohelpmakethiswork,theChinesegovernmenthassubsidizeditsexportersbypeggingtherenminbiatanunnaturallylowratetothedollar.Thishassupportedrelativelyhigh-payingexportjobs;additionalsubsidieshaveincludeddirectcreditallocationandpreferentialtreatmentforcoastalenterprises. Thesearen’ttherecommendedpoliciesyouwouldfindinabasiceconomicstext,butit’shardtoarguewithsuccess.Mostimportant,ithasgivenmanymoreChineseastakeinthefutureoftheirsociety.Thosesamesubsidies,however,havespurredexcesscapacityandcreatedadangerouspolitical,dynamicinwhichtheseinvestmentshavetobeproppedupatallcost. Chinahasbeenbuildingfactoriesandproductioncapacityinvirtuallyeverysectorofitseconomy,butit’snotclearthatthelatestroundofinvestmentswillbeprofitableanytimesoon.Automobiles,steel,semiconductors,cement,aluminumandrealestateallshowsignsoftoomuchcapacity.InShanghai,thecentralbusinessdistrictappearstohavehighvacancyrates,yetbuildingcontinues. Chineseplannersnowtalkoftheneedtorestrictinvestmentinsectorsthatareoverflowingwithunsoldproducts.Theglobalmarketisnolongerstrong,anddomesticdemandwasneverenoughinthefirstplace.Regionalofficialshaveanincentivetopropuplocalenterprisesandproductionstatistics,evenifthatmeanssupportingprojectsoraccountingpracticesthatarenotsustainable.(315Words)

2022-06-15

PresidentObama’srecenttriptoChinareflectsasymbioticrelationshipattheheartoftheglobaleconomy:ChinausesAmericanspendingpowertoenlargeitsprivatesector,whileAmericausesChineselendingpowertoexpanditspublicsector.Yetthisarrangementmayunravelinadangerousway,andifitdoes,themostlikelyculpritwillbeChineseeconomicovercapacity. SeveralhundredmillionChinesefarmershavemovedfromthecountrysidetothecitiesoverthelast30years,inoneofthelargest,mostrapidmigrationsinhistory.Tohelpmakethiswork,theChinesegovernmenthassubsidizeditsexportersbypeggingtherenminbiatanunnaturallylowratetothedollar.Thishassupportedrelativelyhigh-payingexportjobs;additionalsubsidieshaveincludeddirectcreditallocationandpreferentialtreatmentforcoastalenterprises. Thesearen’ttherecommendedpoliciesyouwouldfindinabasiceconomicstext,butit’shardtoarguewithsuccess.Mostimportant,ithasgivenmanymoreChineseastakeinthefutureoftheirsociety.Thosesamesubsidies,however,havespurredexcesscapacityandcreatedadangerouspolitical,dynamicinwhichtheseinvestmentshavetobeproppedupatallcost. Chinahasbeenbuildingfactoriesandproductioncapacityinvirtuallyeverysectorofitseconomy,butit’snotclearthatthelatestroundofinvestmentswillbeprofitableanytimesoon.Automobiles,steel,semiconductors,cement,aluminumandrealestateallshowsignsoftoomuchcapacity.InShanghai,thecentralbusinessdistrictappearstohavehighvacancyrates,yetbuildingcontinues. Chineseplannersnowtalkoftheneedtorestrictinvestmentinsectorsthatareoverflowingwithunsoldproducts.Theglobalmarketisnolongerstrong,anddomesticdemandwasneverenoughinthefirstplace.Regionalofficialshaveanincentivetopropuplocalenterprisesandproductionstatistics,evenifthatmeanssupportingprojectsoraccountingpracticesthatarenotsustainable.(315Words)

PresidentObama’srecenttriptoChinareflectsasymbioticrelationshipattheheartoftheglobaleconomy:ChinausesAmericanspendingpowertoenlargeitsprivatesector,whileAmericausesChineselendingpowertoexpanditspublicsector.Yetthisarrangementmayunravelinadangerousway,andifitdoes,themostlikelyculpritwillbeChineseeconomicovercapacity.
SeveralhundredmillionChinesefarmershavemovedfromthecountrysidetothecitiesoverthelast30years,inoneofthelargest,mostrapidmigrationsinhistory.Tohelpmakethiswork,theChinesegovernmenthassubsidizeditsexportersbypeggingtherenminbiatanunnaturallylowratetothedollar.Thishassupportedrelativelyhigh-payingexportjobs;additionalsubsidieshaveincludeddirectcreditallocationandpreferentialtreatmentforcoastalenterprises.
Thesearen’ttherecommendedpoliciesyouwouldfindinabasiceconomicstext,butit’shardtoarguewithsuccess.Mostimportant,ithasgivenmanymoreChineseastakeinthefutureoftheirsociety.Thosesamesubsidies,however,havespurredexcesscapacityandcreatedadangerouspolitical,dynamicinwhichtheseinvestmentshavetobeproppedupatallcost.
Chinahasbeenbuildingfactoriesandproductioncapacityinvirtuallyeverysectorofitseconomy,butit’snotclearthatthelatestroundofinvestmentswillbeprofitableanytimesoon.Automobiles,steel,semiconductors,cement,aluminumandrealestateallshowsignsoftoomuchcapacity.InShanghai,thecentralbusinessdistrictappearstohavehighvacancyrates,yetbuildingcontinues.
Chineseplannersnowtalkoftheneedtorestrictinvestmentinsectorsthatareoverflowingwithunsoldproducts.Theglobalmarketisnolongerstrong,anddomesticdemandwasneverenoughinthefirstplace.Regionalofficialshaveanincentivetopropuplocalenterprisesandproductionstatistics,evenifthatmeanssupportingprojectsoraccountingpracticesthatarenotsustainable.(315Words)

答案：

美国总统奥巴马最近对中国的访问体现了全球经济核心上的共生关系：中国利用美国人民的消费力来壮大其私营企业，而美国利用中国人民的借贷力来扩展其政府控制企业。但是这样的合作或许会以一种危险的方式带来最可能的不良后果，并且如果真的带来后果，那就是中国经济产能过剩。在中国历史上规模最大，速度最快的一次人口迁移过程中，数以亿计农民在短短三十年里从农村迁往城市。为使迁移产生最大的经济效应，中国政府通过限定人民币对美元的超低汇率来给予出口企业以补贴。这极好地支持了相对高回报的出口贸易；额外补贴还包括直接信贷配额和沿海企业优惠政策。在常规经济环境下，这些都并非值得推行的政策。但事实胜于雄辩。最重要的是，这些政策给予了越来越多的中国人在未来社会中的一席之地。然而，也正是这些政策，刺激了过剩生产力，带来了一个危险的政治动态环境。在这种环境下，必须不计任何代价的对投资进行支持。中国一直在不停地建造工厂，推动其经济范围内几乎每一个部门的生产力。但是却没人清楚最新一轮的投资是否会马上很快地产生经济效益。汽车，钢铁，半导体，水泥，铝和房地产行业已经显示出了太多的产能过剩。在上海这样一个经济中心城市，居高不下的住房空置率已经很成问题，然而，建房仍在继续。中国的决策者们现正在讨论限制某些生产过剩部门的投资。国际市场已风光不再，国内市场又自始至终都是供大于求。地方政府一直在鼓励当地企业扩大生产，提高生产数据，即使这些项目支持方式或数据统计并非可持续发展的。

举一反三

内容

0
Translate the following terminology (术语) into Chinese.[br][/br] steel structure:
1
The output of our factory is now twice ________ it was three years ago.[br][/br] A) what [br][/br]B) that [br][/br]C) as [br][/br]D) which
2
Which of the following is NOT an example of tying?() A: game consoles and game cartridges B: cell phones and phone calls C: printers and print cartridges D: automobiles and engines
3
_______ everybody knows about it, I don't want to talk any more.[br][/br][br][/br] [br][/br] A: For B: Even C: Since D: However
4
The “Next Industrial Revolution” is ____ A: Steel & Railroad B: TV, Planes & Computer C: Resource Productivity, Renewable Energies D: Biotech. & IT